The supported housing charity Bristol Foundation Housing, which works with homeless people, offenders and those at risk of offending, has gone into administration.
The joint administrators, Paul Masters and Colin Prescott of Leonard Curtis, which was appointed last month, said in a statement that the survival of the charity depended on the implementation of a debt restructuring plan, financial re-modelling and the support of key stakeholders.
The charity had a total income of £3.1m in 2011/12, but a net deficit of £365,216, according to its latest set of accounts available on the Charity Commission’s website. The charity employed one staff member, its chief executive, the accounts show.
The statement from the administrators said the purpose of the administration process was to achieve the survival of the charity as a going concern.
It said the administrators are talking to Bristol City Council and the social housing provider Connolly and Callaghan, which set up the charity to manage its social housing properties in 2008.
"The residents across Bristol Foundation Housing’s property portfolio continue to receive pre-administration levels of support," the statement said.
"In the event that a rescue plan cannot be implemented, then the administration exit route will be liquidation. In that event, the liquidators will likely look to negotiate exit terms from its property portfolio, while seeking to ensure that appropriate arrangements are made for the continued housing needs of Bristol Foundation Housing’s residents."